Small Cap Value
The Small Cap Value strategy seeks to generate consistent, long-term investment performance superior to the Russell 2000 Value Index and appropriate peer groups
Primary Benchmark:
Russell 2000 Value Index
Strategy Highlights
- Initial investment universe consist of approximately 2,000 securities within the market capitalization parameters of $100 mil to $2 bil ($250 mil - $1 bil focus)
- The team seeks to invest in undervalued companies with the potential for above average growth and profitability or the opportunity to improve on these measures
- Once profitable companies with excellent management have been isolated, a valuation analysis is performed to highlight companies that appear undervalued; through this process, the universe is narrowed to 300 potential security 'buys'
- Portfolio decisions are developed and implemented with particular emphasis on neutralizing risk factors, thereby allowing stock selection to be the primary contributor to returns
- Sector maximum of 1.5x benchmark allocation for sectors greater than 10% of benchmark weight
- Portfolio will typically hold between 150 and 170 companies
The Small Cap Value Equity Composite, which was created in 1993, includes all discretionary accounts with market values over $1 million managed in the small cap value equity style.
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Primary Benchmark: Russell 2000 Value Index
|
Month-End Performance as of 4/30/2013 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 6.21% | 6.05% | 5.25% | | Year-to-date | 11.81% | 11.59% | 11.52% |
Quarter-End Performance as of 3/31/2013 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 11.75% | 11.58% | 11.63% | | Year-to-date | 11.75% | 11.58% | 11.63% |
| Average Annual Total Return | Gross | Net | Index |
|---|
| 1 year | 16.25% | 15.53% | 18.09% | | 3 years | 15.41% | 14.69% | 12.12% | | 5 years | 9.81% | 9.13% | 7.29% | | 10 years | 13.50% | 12.83% | 11.29% |
|
Calendar Year Performance | Year | Gross | Net | Index |
|---|
| 2012 | 16.82% | 16.11% | 18.05% | | 2011 | -0.25% | -0.91% | -5.50% | | 2010 | 25.30% | 24.54% | 24.50% | | 2009 | 29.32% | 28.51% | 20.58% | | 2008 | -31.18% | -31.59% | -28.92% | | 2007 | 3.28% | 2.68% | -9.78% | | 2006 | 21.25% | 20.57% | 23.48% | | 2005 | 9.03% | 8.45% | 4.71% | | 2004 | 23.76% | 23.10% | 22.25% | | 2003 | 37.65% | 36.87% | 46.03% |
|
Past performance does not guarantee future results. Gross returns are net of trading costs. Net returns are gross returns less effective management fees. Returns for multi-year periods are annualized.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Stocks | | | P/E Trailing | @ERROR | | Price/Book Value | @ERROR | | Annual Portfolio Turnover as of -1/-1/-1 | % |
| Currency Distribution | |
|---|
| @ERROR% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| @ERROR% | |
| Sector Distribution | |
|---|
| 0.00% | | 0.00% |
| Country Distribution | |
|---|
| @ERROR% |
|
Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Stocks | | | | P/E Trailing | @ERROR | @ERROR | | Price/Book Value | @ERROR | @ERROR | | Annual Portfolio Turnover as of -1/-1/-1 | % | |
| Currency Distribution | Fund | Index |
|---|
| @ERROR% | 0.00% |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| @ERROR% | | Market Capitalization | Fund | Index |
|---|
| | N/A | N/A | |
| Sector Distribution | Fund | Index |
|---|
| 0.00% | 0.00% | | 0.00% | 0.00% |
| Country Distribution | Fund | Index |
|---|
| @ERROR% | 0.00% |
|
Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.